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Insurance, An Overview

Insurance, An Overview. Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann . I highly recommend this book. 6 Major Risk Areas. Significant damage to your home Major Lawsuits Premature Death Long Term Disability Major Medical Expenses

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Insurance, An Overview

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  1. Insurance, An Overview Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann. I highly recommend this book.

  2. 6 Major Risk Areas • Significant damage to your home • Major Lawsuits • Premature Death • Long Term Disability • Major Medical Expenses • Extended Long Term Care • Homeowner’s Insurance • Umbrella Policy, other liability ins. (e.g., auto) • Life Insurance • Disability Insurance • Health Insurance • Long Term Care Insurance

  3. Seven Guiding Principles of Insurance • Keep it simple • Don’t risk more than you can afford to lose • Don’t risk a lot for a little • Consider the odds • Risk a little for a lot • Avoid Las Vegas Ins. • Buy Insurance as a last resort • Helps you understand • “average” person will buy health insurance • Renting a speed boat • Earthquake Insurance • Collision ≠ modest value • Rush hour liability • Grandma’s jewelry

  4. Suability Factor based on • Current and future income • Current and future assets

  5. Selecting an Insurance Professional • Word of mouth • Credentials: CPCU, CIC, CLU, AAI

  6. Choosing an Insurance Company Financial Strength www.ambest.com

  7. Read the FINE print in the policy!!!!!!!!!!!!!!!!!! • Ask your agent questions!!!!!!!!!!!!!!!!!!!!!!!!!!!

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